LCMAX Fees and Costs — Driehaus Active Income Fund
Data updated: 2020-11-25
The net expense ratio is 1.40%. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $102K in broker commissions, 0.0209% of average net assets, and portfolio turnover was 55%.
LCMAX Fees and Expenses
Annual operating expenses and sales charges of LCMAX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | — |
| Gross expense ratio | 1.40% |
| Fee waiver | — |
| Net expense ratio | 1.40% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
LCMAX Costs Over Time
On $10,000 invested in LCMAX, assuming 5% a year before costs, total costs come to $881 over 5 years, cutting the return by 1.49% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.40%) | $147 | $457 | $788 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $23 | $81 |
| Total costs | $149 | $486 | $881 |
| Value after costs | $10,351 | $11,090 | $11,881 |
| Impact on return, per year | 1.49% | 1.49% | 1.49% |
LCMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0209%
- Total broker commissions: $102K
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 55%
- Securities lending: none during the year
LCMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| IMPERIAL CAPITAL, LLC | $31K | 33.11% |
| Cowen and Company, LLC | $12K | 12.66% |
| GOLDMAN SACHS & CO. LLC | $9K | 9.33% |
| CREDIT SUISSE SECURITIES (USA) LLC | $8K | 8.81% |
| RBC CAPITAL MARKETS, LLC | $8K | 8.23% |
| J.P. Morgan Securities LLC | $6K | 6.42% |
| BTIG, LLC | $6K | 5.96% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $5K | 5.71% |
| VIRTU AMERICAS LLC | $5K | 5.61% |
| JEFFERIES LLC | $4K | 4.16% |
LCMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL, INC. | $149.1M | 17.71% |
| J.P. Morgan Securities LLC | $126.0M | 14.97% |
| CREDIT SUISSE SECURITIES (USA) LLC | $98.9M | 11.74% |
| Wells Fargo Clearing Services, LLC | $89.8M | 10.66% |
| BOFA SECURITIES, INC. | $75.9M | 9.02% |
| MORGAN STANLEY & CO. LLC | $75.0M | 8.90% |
| GOLDMAN SACHS & CO. LLC | $66.4M | 7.88% |
| CitiGroup Global Markets Inc. | $64.7M | 7.68% |
| JEFFERIES LLC | $50.7M | 6.03% |
| UBS SECURITIES LLC | $45.6M | 5.41% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.